University Struggling to Balance Its Budget
Loyola University will be cutting 60 jobs in order to help balance its budget.
Twelve faculty members were offered voluntary buyout packages and accepted them. Another 27 staff positions are being cut, while 21 vacant positions are going to remain unoccupied.
The majority of these cuts will be to “support positions” at the university, said Laura Kurzu, Loyola’s vice-president for marketing and communications, according to Nola.com. These include jobs in the marketing department, the institutional advancement office, and student affairs, she said.
“We took a look at how we could operate more efficiently and also with an eye of how we could maintain the quality of services that we provide our students,” Kurzu said. “When we looked critically at how we could do more with perhaps less, that’s how we ended up making some of these decisions.”
The university has continued to seek ways to balance its budget, with layoffs being sought out as an option to help offset an enrollment downturn a few years past.
“We had an enrollment downturn a few years ago which compelled the university to take a look at our entire value proposition and how we can really provide exceptional services to our wonderful students for generations to come,” Kurzu said.
Many institutions across the country have faced similar difficulties, as universities have increased the number of support positions while also hiking tuition costs, leading to lower enrollment numbers in some cases. The high degree of competition between institutions of higher learning has also hurt the financial standing of many universities across the country.
The university also said that it would look into restructuring and find other cost efficiencies, signaling perhaps that there will be more cuts at Loyola.
“Loyola University to cut 60 jobs in effort to cut costs,” Nola.com, July 7, 2017.